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Clear mortgage ?

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  • 24-07-2008 12:23pm
    #1
    Markjf
    Registered Users Posts: 173 ✭✭


    Hi Guys,

    I have a few investments in the EBS adding up to about 90’000 euro after reading a thread on here about only getting up to 20’000 euro max if the bank/building society failed has me worried.

    I was thinking I have about 20’000 left on my mortgage so would it be best to clear that and spread the remaining moneys out around other banks to lower my risk?

    I would appreciate any input,

    Mark.


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    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Markjf wrote: »
    Hi Guys,

    I have a few investments in the EBS adding up to about 90’000 euro after reading a thread on here about only getting up to 20’000 euro max if the bank/building society failed has me worried.

    I was thinking I have about 20’000 left on my mortgage so would it be best to clear that and spread the remaining moneys out around other banks to lower my risk?

    I would appreciate any input,

    Mark.

    First question has to be asked - How are the investments doing?

    Second question - Do you get interest relief on the mortgage?


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    #3
    Markjf
    Registered Users Posts: 173 ✭✭Markjf


    Hi Stepbar,

    I have 70'000 in a sure certificate account which runs for 4 years I am in it about a year and a half it has a return of about 10'000.
    The rest is in an optimise account a 4.25% interest.

    I get just under 20 euro a month tax relief on my mortgage payments.

    I just think I should move some of it around rather than have all my eggs in one basket.

    thanks,
    Mark.


  • Options
    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Markjf wrote: »
    Hi Stepbar,

    I have 70'000 in a sure certificate account which runs for 4 years I am in it about a year and a half it has a return of about 10'000.
    The rest is in an optimise account a 4.25% interest.

    I get just under 20 euro a month tax relief on my mortgage payments.

    I just think I should move some of it around rather than have all my eggs in one basket.

    thanks,
    Mark.

    I suppose then it might be an idea to pay off the mortgage. To be fair the relief is only 20eur a month and the interest on the mortgage would be a lot more over the year. By clearing it now you are saving money that you can use to put into a high yield savings account.

    I wouldn't be in a rush to cash out of the EBS account. That sounds like a good return over a year and a half. Find out who / what the money is invested with / in. It may not be with EBS but some partner company.


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